Ill. Admin. Code tit. 50, § 4404.90 - Final Authorization to Transfer or Withdraw

Current through Register Vol. 46, No. 15, April 8, 2022

a) Within 14 days after receiving notification from the current pension fund, which must include a payment schedule deemed acceptable to meet the additional amount due, if applicable, the officer must either:

1) Provide an irrevocable written authorization to transfer creditable service time to the current pension fund and, if applicable, repay the prior fund any refund with interest; or

2) Submit a written request to withdraw the initial application for transferring creditable service to the current pension fund; or

3) If the officer fails to take action by the 15^th day, pursuant to either subsection (a)(1) or (a)(2) of this Section, the initial request to transfer the designated creditable service time will be automatically withdrawn.

b) If an officer provides an irrevocable written authorization to transfer creditable service time, the officer must include in that letter whether the officer will:

1) pay the additional contribution to have all creditable service time earned in the prior pension fund credited to the current pension fund; or

2) have the creditable service time earned in the prior pension fund and credited to the current pension fund reduced in lieu of payment of an additional contribution.

Notes

Ill. Admin. Code tit. 50, § 4404.90

Amended at 35 Ill. Reg. 2120, effective January 24, 2011